Costco Owes Tiffany $19 Million for Fake Rings

posted by Dr. Darrius - 



U.S. District Judge Laura Taylor Swain ruled on Monday that Tiffany is entitled to $11.1 million in trebled profits -- triple the loss it incurred from Costco's actions -- plus interest, in addition to $8.25 million in punitive damages. Overall, Costco owes the luxury jewelry retailer more than $19.3 million.

Tiffany said in a statement that the decision "validates the strength of the Tiffany trademark and the value of our brand, and most importantly, sends a clear and powerful message to Costco and others who infringe the Tiffany mark."

"We brought this case because we felt a responsibility to protect the value of our customers' purchases," the company added. "It is critically important that the Tiffany name not be used to sell any engagement ring that is not our own."

In a statement, Costco said it intends to appeal the ruling. "This was not a case about counterfeiting in the common understanding of that word -- Costco was not selling imitation Tiffany & Co. rings," it said.

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